Before the opening bell on Wednesday, Campbell Soup Company (CPB ) reported lower second quarter results, but still matched estimates. Although the company’s quarterly results met expectations, its annual outlook fell short of estimates.
CPB’s Earnings in Brief
- The company reported earnings of $207 million, or 66 cents per share, down from $228 million, or 74 cents per share, a year ago.
- Excluding special items, EPS was 66 cents – matching analysts’ estimates.
- Revenue dipped 2% to $2.23 billion from $2.28 billion. Analysts expected to see revenue of $2.23 billion.
- Looking ahead to FY2015, the company expects to see EPS between $2.32 and $2.38. Analysts expect to see EPS of $2.39.
Campbell’s CEO Denise Morrison commented: “Our second-quarter organic sales were comparable to the year-ago period. Adjusted EBIT declined by double digits, reflecting disappointing gross margin performance in the quarter, and was below our expectations.”
Campbell Soup paid its last 31.2 cent dividend on February 2. We expect the company to declare its next dividend in March.
Shares of CPB were down 39 cents, or 0.83% during premarket trading Wednesday. The stock is up 7% YTD.
The Bottom Line
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